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The Alliance consisted of Austro-Hungarian Empire and the Principality of Serbia.
It resulted in the association of Serbia with Austria-Hungary and the coming Triple Alliance. The Balkans had been divided into spheres of influence, where Austria took the western part (including Serbia) and Russia took the eastern part (including Bulgaria). Serbia had little choice but to accept Austria as its patron when Russia became a protector of Bulgaria.
Where
This alliance helped Austria-Hungary and Serbia against Russia, therefore the alliance's importance lies in the boundaries of Austria-Hungary , and Russia.
Importance